Brunswick Corporation Prices New Baby Bonds

Recreational boat builder Brunswick Corporation (NYSE:BC) has announced the pricing on their new baby bonds.

The Senior Unsecured Notes will come with a coupon of 6.625% and will be investment grade per all 3 ratings agencies (S&P, Moodys and Fitch) with ratings of Baa2, BBB- and BBB respectively.

The company will sell 4.5 million shares ($25 baby bonds) with another 690,000 available for overallotment. The issue will have an optional redemption date starting on 1/15/2024 at a price of $25, plus accrued and unpaid interest. The notes will have a maturity date of 1/15/2049.

There will likely be no OTC Grey Market trading prior to trading on the NYSE since it is a baby bond.

The ticker has not been announced but it is likely to be BC-B (as the previous issuance was BC-A)